You have finally found your dream home in the perfect neighbourhood all at a price that is within your budget. So, what’s next? Unfortunately, the final asking price is not the entire cost of buying a new home. As the premier agent for all your Penticton real estate needs, I would like to share with you these 3 hidden costs of buying a home.
The final asking price of your dream home is only one of the costs associated with buying a home. In addition to this cost, you will need to budget for the following costs:
- Lawyer fees, lender fees and other closing costs.
- Homeowner’s insurance. You will want to insure your belongings as well as your home against fire, earthquake and flood.
- A home inspection. This is money well spent. A home inspector will tell you of any major damage and if there are concerns.
- Property tax and city-wide utilities, such as garbage collection, recycling bins and water usage.
The Bare Necessities
In addition to the hidden fees, you will also want enough left-over cash to not only furnish your home, but to outfit it with services such as cable, WIFI and utilities. If your home comes with a yard, you are going to need to purchase the proper tools and equipment to keep your yard in tip-top shape.
You may also want to put some money away in a rainy day fund for projects and upgrades that are sure to occur in the future. These types of projects include:
- Replacing your home’s roof. A home inspector should be able to tell you what shape your current roof is in and when you will need to replace it.
- Repainting the exterior of your home, your fence and the interior of your home.
- Any major renovations or replacements such as flooring, carpet, appliances and windows.
If you are purchasing an older home, it is recommended that you try to account for these types of projects and costs or factor them into the final asking price of the home.
These 3 hidden costs need to be accounted for when setting a budget for your home. You do not want to be house poor or unable to afford a couch or heat for your home because you are overstretched. If you are interested in other costs associated with homeownership or would like to see some of the new and exciting properties that are available in Penticton, please contact me today. I look forward to helping you find your dream home.